Enterprise Products Partners (NYSE:EPD) Trading 0.3% Higher – Time to Buy?

Enterprise Products Partners L.P. (NYSE:EPD)’s stock price shot up 0.3% during mid-day trading on Friday . The stock traded as high as $33.90 and last traded at $33.76. 689,337 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 3,524,442 shares. The stock had previously closed at $33.67.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wolfe Research lowered Enterprise Products Partners from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 10th. US Capital Advisors upgraded shares of Enterprise Products Partners from a “moderate buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Bank of America initiated coverage on shares of Enterprise Products Partners in a research note on Thursday, October 17th. They set a “buy” rating and a $35.00 price objective on the stock. Wells Fargo & Company cut shares of Enterprise Products Partners from an “overweight” rating to an “equal weight” rating and set a $35.00 target price for the company. in a research note on Wednesday, December 18th. Finally, Truist Financial increased their price target on Enterprise Products Partners from $37.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $34.60.

Enterprise Products Partners Stock Performance

The stock has a 50-day simple moving average of $31.94 and a 200-day simple moving average of $30.17. The stock has a market cap of $72.84 billion, a PE ratio of 12.59, a P/E/G ratio of 1.57 and a beta of 1.09. The company has a debt-to-equity ratio of 1.05, a current ratio of 1.07 and a quick ratio of 0.83.

Enterprise Products Partners (NYSE:EPD) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas producer reported $0.65 EPS for the quarter, missing the consensus estimate of $0.66 by ($0.01). Enterprise Products Partners had a net margin of 10.32% and a return on equity of 20.31%. The business had revenue of $13.78 billion during the quarter, compared to analysts’ expectations of $13.87 billion. During the same quarter in the previous year, the business posted $0.60 EPS. The company’s quarterly revenue was up 14.8% on a year-over-year basis. Equities analysts predict that Enterprise Products Partners L.P. will post 2.69 earnings per share for the current fiscal year.

Enterprise Products Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.535 per share. This represents a $2.14 dividend on an annualized basis and a yield of 6.37%. This is a boost from Enterprise Products Partners’s previous quarterly dividend of $0.53. The ex-dividend date is Friday, January 31st. Enterprise Products Partners’s dividend payout ratio is 78.65%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EPD. Oppenheimer Asset Management Inc. grew its stake in shares of Enterprise Products Partners by 1.0% in the second quarter. Oppenheimer Asset Management Inc. now owns 63,938 shares of the oil and gas producer’s stock valued at $1,853,000 after buying an additional 611 shares in the last quarter. Citizens Financial Group Inc. RI acquired a new stake in Enterprise Products Partners in the second quarter valued at approximately $424,000. Axxcess Wealth Management LLC raised its stake in shares of Enterprise Products Partners by 59.9% during the second quarter. Axxcess Wealth Management LLC now owns 14,871 shares of the oil and gas producer’s stock valued at $431,000 after purchasing an additional 5,571 shares during the period. Bradley Foster & Sargent Inc. CT lifted its position in shares of Enterprise Products Partners by 0.4% during the second quarter. Bradley Foster & Sargent Inc. CT now owns 219,755 shares of the oil and gas producer’s stock worth $6,368,000 after purchasing an additional 924 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC boosted its stake in shares of Enterprise Products Partners by 9.2% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 142,512 shares of the oil and gas producer’s stock valued at $4,110,000 after purchasing an additional 12,015 shares during the period. 26.07% of the stock is owned by hedge funds and other institutional investors.

About Enterprise Products Partners

Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids (NGLs), crude oil, petrochemicals, and refined products. It operates in four segments: NGL Pipelines & Services, Crude Oil Pipelines & Services, Natural Gas Pipelines & Services, and Petrochemical & Refined Products Services.